AN ACT TO PROVIDE A SUPPLEMENTAL RETIREMENT FUND FOR
FIREMEN IN THE TOWN OF FARMVILLE AND TO MODIFY THE APPLICATION OF G.S. 118-5,
118-6 AND 118-7 TO THE TOWN OF FARMVILLE.

The General Assembly of North Carolina enacts:

Section 1. Supplemental retirement fund created.
The Board of Trustees of the Local Firemen's Relief Fund of the Town of
Farmville, as established in accordance with G.S. 118-6, hereinafter called the
Board of Trustees, shall create and maintain a separate fund to be called the
Farmville Firemen's Supplemental Retirement Fund, hereinafter called the
Supplemental Retirement Fund, and shall maintain books of account for this
fund, separate from the books of account of the Firemen's Local Relief Fund of
the Town of Farmville, hereinafter called the Local Relief Fund. The Board of
Trustees shall pay into the Supplemental Retirement Fund the funds prescribed
by this act.

Sec. 2. Transfer of funds and disbursements.
Notwithstanding the provisions of G.S. 118-7, the Board of Trustees of the
Local Firemen's Relief Fund of the Town of Farmville shall:

(a) prior to January 10,
1982, and prior to January 10 in each subsequent year, transfer to the
Supplemental Retirement Fund, all earnings on investments of the Local Relief
Fund for the preceding 12 months;

(b) as soon as
practicable after January 10 of each year, divide the funds belonging to the
Supplemental Retirement Fund into equal shares and disburse the same as
supplemental retirement benefits in accordance with Section 3 of this act.

Sec. 3. Supplemental retirement benefits. The
number of retired firemen, as described in this section, divided into the
amount of funds in the Supplemental Retirement Fund on January 10 of each year,
shall equal one share. Each retired fireman of the Town of Farmville, whether
paid or volunteer, who has previously retired wth 20 years' service or more, as
a fireman of the Town of Farmville and has reached the age of 55 years, shall
be entitled to and shall receive in each calendar year following the calendar
year in which he retires, one share of the Supplemental Retirement Fund.
Members of the Town of Farmville Fire Department who have been totally and
permanently disabled resulting from service-related sickness or injuries shall
also be entitled to the benefits as outlined above. Also, members of the Town
of Farmville Fire Department with 10 years of service as active firemen, and
who become totally and permanently disabled for any reason, shall also be
entitled to the above benefits, regardless of age.

Sec. 4. Acceptance of gifts. The Board of Trustees
may accept any gift, grant, bequest, or donation of money for the use in the
Supplemental Retirement Fund.

Sec. 5. Treasurer of fund. The Treasurer of the
Firemen's Local Relief Fund shall also serve as the Treasurer of the
Supplemental Retirement Fund and the Board of Trustees shall bond the treasurer
with a good and sufficient bond, in an amount at least equal to the amount of
funds in his control, payable to the Board of Trustees. Such bond shall be in
lieu of the bond required by G.S. 118-6. The Board of Trustees may pay the
premium for the bond of the treasurer from the Supplemental Retirement Fund.

Sec. 6. Town authorized to make payments. The
governing body of the Town of Farmville may make appropriations and disburse
funds to the Supplemental Retirement Fund.

Sec. 7. Severability. If any provision of this act
is declared invalid by a court of competent jurisdiction, this invalidity shall
not affect other provisions which can be given effect without the invalid
provision, and to this end the provisions of this act are declared to be
severable.

Sec. 8. Effective date. This act is effective upon
ratification.

In the General Assembly read three times and ratified, this
the 9th day of June, 1981.